美国对证券交易所履行监管职能所产生的民事法律责任采用绝对豁免的态度；随着公司化的改造，交易所从承担公共职能的自律机构向兼顾营利的公司转变，于是法院区分其行为，对非监管行为不再提供责任豁免。在我国这一新兴市场中，金融创新是促进资本市场发展有效推动力量，在交易所实施金融创新的行为中赋予证券交易所一定程度的民事责任豁免权有利于保护交易所及其职员的专业判断，有利于促进金融创新。“,”Traditionally, stock exchanges in the USA have absolute exemption when they perform regulatory functions. In the recent years, as many stock exchanges are transferred to companies both performing regulatory functions and pursuing private gains, some of th